What Should You Do About Your Joint Bank Accounts in Your Separation or Divorce?

What Should You Do About Your Joint Bank Accounts in Your Separation or Divorce?

It’s a fact of life of that trying to figure out your finances in your separation or divorce can be a tricky thing.  That’s for sure!

For example, how do you deal with the joint bank accounts with the end of your marriage or common-law relationship?

I will discuss the issue of dealing with your joint bank accounts in your separation or divorce in this video.

Hi, my name is Thomas O’Malley.  I’m an experienced family lawyer in Durham Region and the GTA.

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When you act too rashly or impulsively in dealing with your money and joint bank accounts, you can unnecessarily get your former spouse very angry and frustrated with you. 

This can result in a more unpleasant separation or divorce than it needs to be.  It really reduces the chances of settling your legal issues in your separation or divorce quickly or easily.

If at all possible, worth with your former spouse to get an understanding about what you should do with your joint bank accounts. 

You should certainly see if you can agree with your former spouse that you split the funds fairly that are in the bank account.  Then you need to make sure you set up a separate bank account in your name alone immediately.

You should set up your own individual bank account immediately when you know you’re getting separated or divorced.

If you have any concerns that your former spouse might take all the funds from the joint bank account, you might consider taking half of the funds as long as you account for the funds in the final separation agreement or court settlement.

If you have type of joint credit card, you should consider freezing use of that credit card so that spouse does not rack up thousands of dollars in purchases.

However, if you do not have this concern, make sure you have established your own credit before you freeze any joint credit card accounts. 

Here’s the bottom line:  Work with you spouse to deal with the joint bank accounts and joint credit card accounts so that you both have solid financial future unless you have a real concern that your spouse will take all the money from the joint bank accounts or seriously run up the joint credit cards.

If you have any questions about your separation, divorce or family law case and you would like our help, feel free to contact on my Facebook law office page, that’s O’Malley Family Law, or call me at 905-434-8837 and I’ll point in you in the right direction. 

Click here to join my free Facebook GTA and Durham Region separation and divorce support group: GTA and Durham Region Separation and Divorce Support Group

Please make sure to share this important information and video with your friends, family members and co-workers so that it helps more people avoid serious problems in their separation or divorce before it’s too late.